Forex Review: Million Pound Robot

Today I’m looking at a new Forex EA that’s built to take $2000 and grow it into over $80,000 fully automated, Million Pound Robot. The owner of the software tells us that his Forex profits have surpassed $1 million and all he does is use this one tool. It may sound too good to be true, but that’s why I’m here to provide a review and let you know if it is or not.

The developer of the software goes by Ray B, he has no prior experience in the Forex product market, and the location of the offices are not disclosed. For traders looking to get in touch with Ray, email info@millionpoundrobot.com.

For more information on Forex robots, and what we recommend to our readers, go here.

Million Pound Robot Review

The Million Pound Robot website is more of your classic Forex trading sales page. The layout and copywriting technique is similar to what most trading systems in this market relied upon 5 to 7 years ago. In this case, there is a wrinkle, because the developers are surprisingly providing us with a my FX book account. So, while part of the website is stuck in the past, the results section is looking good at first glimpse.

I will say though, that some of the promises are little more wishful thinking that I would like. For example, “Heck, with Million Pound Robot you can easily make an average of $3,000 to $5,000 a day.” While I appreciate the enthusiasm, this type of promise has led way too many of us down paths we would rather not revisit. By that I mean, we’ve all been tricked by snake oil salesman, and this type of promise is exactly the type of guarantee that likely hooked us in.

Breakdown

• Type: Forex Robot
• Price: $199/license
• Strategy: Scalper
• Timeframe: M15
• Pairs: EURUSD

Ray B

Ray B tells us that he’s made over a million dollars in the past year, and that before using his robot he was terrible a trading Forex. Then, he paired up with his roommate who’s a software programmer and studied scalpers, eventually deciding to create their own. Ray is the strategist who explained how he wanted the software to work, and his roommate put it all together for him.

This story has holes. How would someone who is terrible a trading Forex do a little studying and then become an expert strategist that can suddenly come up with a scalping strategy to make over $1 million in a single year? I don’t see how. The story doesn’t add up.

Results

The trading results are impressive, but very short and require more analysis. The Million Pound Robot provides us with two vendor accounts that started mid-may. One live account, and one demo.

Both of these accounts trade quite infrequently to be considered scalpers, and the average trade duration is over 10 hours. If this is a scalper like the developers claim, it’s one of the weirdest scalpers I’ve ever seen in my life.

From what I can see so far, it’s pretty much impossible to determine whether or not this is a viable trading system. Almost all of the profits were earned in the span of one day, which happens to be the first day the software started trading. Since this day, the robot hasn’t done much at all.

Conclusion

It’s really hard to recommend the Million Pound Robot at this juncture, because there’s so much we don’t know. The results show us a system that doesn’t look like a scalper, and doesn’t give us much to go on outside of one outstanding day. So what can we do? Well, I recommend that we analyze the software over time and see how this trading account progresses. If there are 4 or 5 more really big days like the first one, then we consider getting on board. Until then, let’s sit back and enjoy the show.